State-owned Philippine Guarantee Corporation (Philguarantee) partnered with Water.org, a global non-profit group, to explore financing options for small and medium enterprises that help provide clean water to poor communities.
“Our collaboration aims to provide credit guarantees that empower rural banks to extend their support to these vital enterprises. Together, we can ensure that every Filipino has access to the water and sanitation services they deserve,” Philguarantee President and chief executive officer Alberto Pascual said.
In an email to DAILY TRIBUNE, Philguarantee said Pascual and Water.org regional director for Southeast Asia Griselda Santos signed a memorandum of understanding on the credit support on 30 September to support the latter’s mission to provide clean water to 2.2 billion people worldwide.
50% lack potable water
In the Philippines alone, more than half of the country’s population or at least 57 million Filipinos lack access to potable water based on data from the National Water Resources Board.
Philguarantee gives credit support to government and private lenders so they can feel more secure in distributing loans to more clients engaged in critical industries that drive long-term national economic growth. Through Philguarantee-backed funds, lenders also reduce risks to their depositors.
Pascual said the new partnership with Water.org accelerates the United Nations Sustainable Development Goals which aim to drastically reduce global poverty and expand peoples’ access to basic needs.
Water.org has enabled clean water to 70 million people in Africa, Southeast Asia and Latin America.
